UPDATE: Oppenheimer Upgrades Momo Names Netflix, Yelp
The analyst upgraded both stocks from Perform to Outperform and has price targets of $419 and $78 for Netflix and Yelp, respectively.
Helfstein believes the near-term fundamentals remain unchanged in the face of negative headlines for both companies.
Amazon's set-top box launch “will actually be a positive for NFLX, as a featured application,” the Oppenheimer analyst said.
The FTC investigation of false or fraudulent reviews on Yelp is “mostly noise,” in Helfstein's eyes.
According to Ari Wald, Oppenheimer's technical analyst, “the chart pattern suggests a near-term bounce if market stabilizes” as both stocks are sitting on support levels.
Shares of Netflix are flat in Monday's trading, while shares of Yelp are down 0.46 percent.
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.